Mississippi Code
Miss. Code Ann. § 75-3-415 (2026)
Obligation of indorser
✓ current as of July 2026
- (a) Subject to subsections (b), (c), and (d) and to Section 75-3-419(d), if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument (i) according to the terms of the instrument at the time it was indorsed, or (ii) if the indorser indorsed an incomplete instrument, according to its terms when completed, to the extent stated in Sections 75-3-115 and 75-3-407. The obligation of the indorser is owed to a person entitled to enforce the instrument or to a subsequent indorser who paid the instrument under this section.
- (b) If an indorsement states that it is made "without recourse" or otherwise disclaims liability of the indorser, the indorser is not liable under subsection (a) to pay the instrument.
- (c) If notice of dishonor of an instrument is required by Section 75-3-503 and notice of dishonor complying with that section is not given to an indorser, the liability of the indorser under subsection (a) is discharged.
- (d) If a draft is accepted by a bank after an indorsement is made, the liability of the indorser under subsection (a) is discharged.
Former § 75-3-415: Codes, 1942, § 41A:3-415; Laws, 1966, ch. 316, § 3-415; Laws, 1992, ch. 420, § 53; Laws, 2010, ch. 506, § 20, eff. 7/1/2010.
Notes of Decisions
Cited in 3
cases, 1983–1988 · leading case: Murray v. Payne, 437 So. 2d 47 (Miss. 1983).
Murray v. Payne, 437 So. 2d 47 (Miss. 1983). “Having signed in that capacity, Payne and Flanagan are accommodation parties and their rights and duties are governed by Miss. Code Ann. §§ 75-3-415 , 75-3-416 and 75-3-606 (Supp.”
West Point Corp. v. New North Miss. Fed. Sav., 506 So. 2d 241 (Miss. 1986). “*246 We are of the opinion that Lovejoy, Young and Brent are sureties on the promissory note on account of their guaranty agreement and that the Hudsons are liable on the promissory note pursuant to their assumption agreement.”
Comfort Eng'g Co., Inc. v. Kinsey, 523 So. 2d 1019 (Miss. 1988). “Clearly, under Miss. Code Ann. § 75-3-415 (1972), Comfort Engineering stands as an accommodation endorser of the note: (1) An accommodation party is one who signs the instrument in any capacity for the purpose of lending his name to another party to it.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.